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NEW exciting option for Brethren Pension Plan participants

By BBT Staff on August 10, 2016

Brethren Pension Plan now provides an exciting new option for accessing the personal contributions in your Pension account. You can now withdraw those funds on a schedule that meets your needs by using our new PERIODIC PAYMENT PLAN. The periodic payment plan provides more flexible options to withdraw money you have personally contributed to your Pension account. Payments can be period-specific (a specific number of years over which you would like your balance to be spread) or dollar specific (for example, $500 per month until your balance is depleted). This new feature will replace the annuity option for some of the money sources in your Pension Plan.

What portion of my money can be withdrawn through the periodic payment plan?Any employee contributions you have personally made, or rollover money transferred in from another plan, as well as earnings on those funds can be withdrawn.

What about my employer’s contributions?At this time, employer contributions must still be annuitized.

What portion of my money can no longer be included in the annuity option?Rollover money is no longer eligible to be included in your annuity, but you still have the great flexibility of setting up a payment plan to withdraw that money on a monthly, quarterly, semi-annual, or annual basis. Money you have rolled into the Brethren Pension Plan from other sources will now be accessed through the periodic payment plan or a lump-sum withdrawal.

If you have already annuitized your employer contributions, and only have personal contributions (and their earnings) remaining in your account, they cannot be annuitized.

Can I still annuitize my personal contributions?Yes, you can still annuitize your personal contributions (except rollovers) as long as they are combined with your employer’s contributions.

How do I sign up for the periodic payment plan?Fill out an online form, or call our office at 800-746-1505.

What is the time frame for setting up a payment plan and getting my payments?It takes approximately 7-10 business days for the initial set-up, and the timing of your payments depends on how often you want to be paid and by what method.

What if I change my mind or need more money later?That’s one of the great benefits of this new plan. You have control over how your money is distributed. You can increase or decrease the amount, change the payment pattern, or stop payments completely if need be.

Who is eligible for the periodic payment plan?You can use the periodic payment plan if you are eligible to receive distributions from your Pension Plan and have a balance in your personal account. For more information on this new periodic payment plan, please call us at 800-746-1505 and ask for Tammy or Lori.